USDM is a fiat-backed US dollar stablecoin. It has about $1.4M in circulation, ranking #204 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDM?
USDM is a fiat-backed US dollar stablecoin. It has about $1.4M in circulation, ranking #204 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: The USDM Token is an ERC20 rebasing token, with a redemption value pegged at 1:1 for primary customers. Like other fiat-backed stablecoins, we expect a 1:~1 in secondary market price, driven by arbitrage opportunities.
USDM supply history
USDM supply was flat over the past 30 days. Its peak was $156M in April 2024, and supply is 99% below that high.
Is USDM holding its peg?
USDM is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDM lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all USDM. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDM is backed
Each USDM is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Users can purchase USDM with USDC. Balances will be credited in the platform when funds settle (usually in seconds) and are ready to withdraw.
USDM risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $1.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDM vs USDT and USDC
Similar fiat-backed stablecoins
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USDM FAQ
What is USDM?
USDM is a fiat-backed US dollar stablecoin. It has about $1.4M in circulation, ranking #204 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDM pegged 1:1 to the US dollar?
USDM targets 1 USD. At the last update it traded at $0.9994, a deviation of -0.06%, which we classify as "on peg".
What backs USDM?
USDM is a fiat-backed stablecoin. Each USDM is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDM on?
USDM is live on 2 blockchains. The largest by supply are Ethereum ($1.3M), OP Mainnet ($5K).
How much USDM is in circulation?
About $1.4M of USDM was in circulation at the last update, 0.0% over 30 days. That makes it the #204 stablecoin by supply among those we track.
Is USDM safe?
No stablecoin is risk-free. As a fiat-backed design, USDM's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.